Kazakhstan may increase exports of goods and services to Vietnam by 500 million dollars

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The Trade Policy Development Center "QazTrade" together with the Ministry of Trade and Integration of the Republic of Kazakhstan conducted a trade and economic mission in Hanoi from March 15 to 17, 2023, DKNews.kz reports.

The event was attended by representatives of the Ministry of Industry and Trade of the Socialist Republic of Vietnam, the Chamber of Commerce and Industry of Vietnam, as well as more than 100 businessmen from two countries, including 14 Kazakhstani manufacturers of food, chemical industry and IT service providers.

"Kazakhstan and Vietnam maintain a stable friendly nature of bilateral relations. The Agreement on the creation of a free trade zone in the EAEU -Vietnam format gives impetus to the development and growth of mutual trade," Vice Minister of Trade and Integration of Kazakhstan Kairat Torebayev said at a meeting of business circles.

To increase bilateral trade, it is planned to open a joint Kazakh-Vietnamese company. In this regard, on the site of the business forum, QazTrade and Inserimex Co.Ltd signed an intention to create an export-import company of the Republic of Kazakhstan and the SRV.

As the Ambassador of Kazakhstan to the Socialist Republic of Vietnam Yerlan Baizhanov noted, "today a new format of interaction between Kazakh and Vietnamese businesses has appeared, I hope new business projects will arise during the meetings." He also suggested considering the creation of the Kazakh-Vietnamese Business Council.

There is a Free Trade Zone Agreement between Vietnam and the EAEU. According to the Vietnamese side, Kazakhstan ranks second in terms of trade with the SRV among the EAEU member states. Today, the potential for increasing Kazakhstan's exports to Vietnam is $ 500 million in such industries as food, construction, chemical, metallurgical, petrochemical.

It is worth noting that Vietnam sets itself the task of increasing GDP by 2045, as well as expanding the volume of its economy 10 times and joining the ranks of the developed economies of the world. Increasing trade and strengthening ties between Kazakhstan and Vietnam will allow building logistics corridors for Kazakhstan in the region of the fast-growing market of Southeast Asia in the future.

During the event, Vietnamese companies became interested in Kazakhstani producers of organic fertilizers and feed additives, proposals for IT solutions, food products. Preliminary agreements have been reached on the development of further relations and the establishment of cooperation.

Within the framework of the trade mission, meetings of the Kazakh delegation with Vietnamese companies Kusto Home, Hapro, Vietjet and Asia Dragon Group were organized.

By the end of 2022, the trade turnover between Kazakhstan and Vietnam increased by 23.4% compared to the previous year and amounted to $ 525.7 million. The main exports from Kazakhstan to Vietnam were non-ferrous and ferrous metals, ores and concentrates. In turn, Kazakhstan imported household and office electronics from Vietnam.

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